# In the matter of Akhilesh Kulshrestha vs. SAAB India Technologies Pvt. Ltd.

> NCLAT judgment dated 2025-05-07. Citation: TCN-2025-NCLAT-00047. The case involves an appeal against an order dated January 29, 2020, passed by the…

- **Court:** NCLAT
- **Order date:** 7 May 2025
- **Citation:** TCN-2025-NCLAT-00047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/akhilesh-kulshrestha-vs-saab-india-technologies-pvt-ltd-d3482b5c

## Summary

### Background

The case involves an appeal against an order dated January 29, 2020, passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in C.P.(IB) No. 1972(ND)/2019. The appellant, Akhilesh Kulshrestha, challenged the order. The appeal was initially allowed by the Appellate Tribunal on August 25, 2022, and the case was remanded back to the Adjudicating Authority. The respondent, M/s SAAB India Technologies Private Limited, assailed the order and filed a Civil Appeal before the Supreme Court of India. The Supreme Court remanded the case back to the Appellate Tribunal for reconsideration regarding the appellant's entitlement to emoluments and perks as a Director after relinquishing the position of CFO. The matter was reheard, and the sequence of events

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## Facts

Akhilesh Kulshrestha was employed by M/s SAAB India Technologies Private Limited as CFO, effective from May 1, 2014, under an employment contract dated March 10, 2014. He was later appointed as an Additional Director on March 11, 2015, and subsequently as a whole-time director on September 29, 2015. His employment as CFO was terminated on March 1, 2019, and he was paid all terminal benefits. Kulshrestha claimed that he continued to work as a director until May 20, 2019, and was entitled to salary and other dues for that period. The company argued that Kulshrestha was not entitled to any additional remuneration as a director and that his termination was valid. A dispute arose regarding the termination and the payment of dues, leading to insolvency proceedings initiated

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## Issues and analysis

### Issue 1: Whether the Appellant, after relinquishment of the position of CFO, was entitled to the same …

**Ratio:** The payment of remuneration to a director, including a whole-time director, must be

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**Reasoning:** The court found that there was no board resolution approving the payment of additional

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**Interpretation:** The interpretation of the Articles of Association is that any remuneration to a

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**Application:** In this case, since there was no board resolution approving the payment of

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## Parties

- **Judges:** Ashok Bh…; Arun Ba…
- **Appellants:** Akhilesh Kulshrest…
- **Respondents:** M/s SAAB India…

## Timeline

- **2014-03-10 — Employment Cont…**: Date of the employment contract between Akhilesh Kulshrestha and M/s SAAB India…
- **2014-05-01 — Appointment…**: Akhilesh Kulshrestha was appointed as the Chief Financial Officer (CFO) of M/s SAAB India…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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